Thang, 36, who was in charge of major clients and strategic partners of the private bank, allegedly violated loan regulations for credit organisations.

Police conducting the investigation also searched his house at the order of the public security ministry, and with the approval of the Supreme People's Procuracy.

Thang is the fourth senior official of the bank to be detained for investigation in recent months.

The other three senior officials of OceanBank who were arrested earlier were former chairman of the board of directors Ha Van Tham, former deputy general secretary Nguyen Van Hoan and former chairwoman of the board of directors and former general director Nguyen Minh Thu.

As the then chairman, Tham violated regulations by granting the Trung Dung Company a loan of VND500 billion (US$23.4 million) without asking for security, according to police officers.

The other officials got involved by helping Tham in granting the loan, they said. — VNS